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Farmout agreements typically provide that the farmor will assign the defined quantum of interest in the lease(s) to the farmee upon the farmee finishing: (1) the drilling of an oil and/or gas well to the defined depth or formation, or (2) drilling of an oil and/or gas well and the obtaining of commercially viable production levels. [2]
GM – gas migration; GOC – gas oil contact; GOM – Gulf of Mexico; GOP – geological operations report; GOR – gas oil ratio; GOSP – gas/oil separation plant; GPIT – general-purpose inclinometry tool (borehole survey) [16] GPLT – geol plot log [clarification needed] GPTG – gallons per thousand gallons; GPM – gallons per Mcf ...
For example, when an assignment of an oil and gas lease expressly provides that any extension or renewal of the lease is subject to an overriding royalty, a new lease that is substantially similar to the first lease and procured by the assignee during the term of the first lease, is regarded, as a matter of law, as an extension of renewal of ...
Mud: Slang term for drilling fluid. A "mud man" is the drilling fluids technician responsible for formulating the mud, while a "mud logger" checks mud cuttings from the drill bit for traces of rock or oil and gas that provide a picture of conditions downhole. Negative Pressure test: A test performed to determine the integrity of wells.
On the first day of his second term, Trump could direct federal agencies to approve new terminals to export liquified natural gas (LNG) and start unwinding restrictions on oil and gas leasing on ...
Most oil and gas commissions make API numbers (and well header data) available on-line and free of charge. The ability to download the data varies from state to state. Below is a list of the 50 states, along with their state code, and the name and internet address of their oil and gas regulatory agency where available.
During his term, Biden limited new oil and gas leasing on federal lands and waters, drawing criticism from drilling states and companies. But the Lands Act, which allows presidents to withdraw ...
The state can agree with the licensees to take it in kind or in cash. This arrangement applies to both crude oil and to natural gas, both in concessionary and contractual license systems. Production shares. The body of a production sharing contract layouts the production share between the contractor(s) and the state or its state-owned oil ...